Loungers, the operator of 150 Lounge cafe-bars and 31 Cosy Club restaurant-bars, today announces a trading update for the 24 weeks ending 3 October 2021.
The group has said its “significant outperformance of the market” since indoor trading restarted on 17 May has been maintained with like-for-like sales up 26.6% between 20 May and 6 October versus 2019 levels. The company stated: “While trading and the reported like-for-like sales uplift benefit from the VAT reduction, the continued strength of performance is testimony to the relevance and resilience of our brands.
Net debt at 3 October 2021 was £11.9m, excluding a further £5.6m of outstanding rent and deferred liabilities payable to HM Revenue & Customs. Since the start of the financial year the group has opened 13 new sites, comprising 12 Lounges and one Cosy Club, taking the portfolio to 181 sites as of today. We expect to open a further ten sites in the current financial year.
Nick Collins, CEO, commented: ” Our like for like sales have been consistently strong since re-opening, across all site age cohorts and both brands. In addition, I am particularly pleased with the strength of performance in the new sites we have opened in this financial year. Loungers continues to thrive as we put Covid behind us and manage the current challenges facing our sector. This success reinforces our roll-out strategy and we look ahead with confidence, with our pipeline of future sites as strong as it ever has been. I would like to say a special thank you to our teams across England and Wales for their fantastic performance over what was a demanding summer trading environment.”